Wellington Management Group LLP lifted its stake in shares of 3M Co (NYSE:MMM) by 5.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,431,330 shares of the conglomerate’s stock after buying an additional 315,132 shares during the quarter. Wellington Management Group LLP owned approximately 1.12% of 3M worth $877,940,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. FMR LLC grew its position in shares of 3M by 25.1% during the fourth quarter. FMR LLC now owns 2,335,961 shares of the conglomerate’s stock worth $412,110,000 after buying an additional 469,237 shares in the last quarter. Soltis Investment Advisors LLC acquired a new stake in shares of 3M during the fourth quarter worth approximately $588,000. Cpwm LLC grew its position in shares of 3M by 25.3% during the fourth quarter. Cpwm LLC now owns 4,110 shares of the conglomerate’s stock worth $725,000 after buying an additional 829 shares in the last quarter. Acadian Asset Management LLC grew its position in shares of 3M by 2,449.3% during the fourth quarter. Acadian Asset Management LLC now owns 120,200 shares of the conglomerate’s stock worth $21,206,000 after buying an additional 115,485 shares in the last quarter. Finally, Stephenson National Bank & Trust acquired a new stake in shares of 3M during the fourth quarter worth approximately $326,000. 65.83% of the stock is owned by institutional investors and hedge funds.
Several brokerages recently issued reports on MMM. Gordon Haskett cut 3M from a “hold” rating to an “underperform” rating in a research note on Monday, March 30th. Barclays raised their price objective on 3M from $141.00 to $154.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 29th. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating and set a $133.00 price objective on the stock in a research note on Thursday, April 30th. Citigroup raised their price objective on 3M from $146.00 to $170.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 29th. Finally, Royal Bank of Canada raised their price objective on 3M from $143.00 to $148.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 29th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $161.85.
In related news, SVP Ty R. Silberhorn sold 14,623 shares of 3M stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $146.46, for a total transaction of $2,141,684.58. Following the sale, the senior vice president now directly owns 16,571 shares in the company, valued at $2,426,988.66. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Khandpur K. Ashish sold 3,605 shares of 3M stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $146.85, for a total transaction of $529,394.25. Following the sale, the executive vice president now owns 19,193 shares in the company, valued at $2,818,492.05. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 40,184 shares of company stock worth $5,930,874. Company insiders own 0.42% of the company’s stock.
MMM stock traded down $8.73 during mid-day trading on Thursday, reaching $155.17. The company had a trading volume of 2,668,784 shares, compared to its average volume of 4,402,125. The company has a quick ratio of 1.19, a current ratio of 1.65 and a debt-to-equity ratio of 1.94. The stock has a market capitalization of $96.29 billion, a P/E ratio of 18.21, a P/E/G ratio of 2.23 and a beta of 0.99. 3M Co has a one year low of $114.04 and a one year high of $187.72. The stock’s 50-day simple moving average is $150.58 and its two-hundred day simple moving average is $157.64.
3M (NYSE:MMM) last posted its earnings results on Tuesday, April 28th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.13. 3M had a return on equity of 50.24% and a net margin of 15.37%. The company had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $7.86 billion. During the same period last year, the business posted $2.23 earnings per share. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, research analysts forecast that 3M Co will post 7.92 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 22nd will be paid a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend is Thursday, May 21st. 3M’s dividend payout ratio is currently 64.62%.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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